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.st-slide[data-scene="0"] .st-slide-content h2{font-size:clamp(32px,6.6cqw,80px);max-width:90%;line-height:1.04;letter-spacing:-2px;margin-bottom:30px}.st-slide[data-scene="0"] .st-scene-copy{max-width:80%;font-size:clamp(14px,2cqw,24px)}.st-slide[data-scene="0"] .st-scene-source{margin-top:14px}.st-slide[data-format=portrait][data-scene="0"] .st-slide-content h2{font-size:clamp(27px,10.5cqw,47px);letter-spacing:-1.3px;max-width:100%}.st-slide[data-format=portrait][data-scene="0"] .st-scene-copy{font-size:clamp(12px,4.6cqw,19px);max-width:100%}
@media(max-width:540px){.st-slide[data-format=landscape][data-scene="0"] .st-slide-content h2{font-size:6.4cqw;letter-spacing:-.6px;margin-bottom:13px}.st-slide[data-format=landscape][data-scene="0"] .st-scene-copy{font-size:2cqw}.st-slide[data-format=landscape][data-scene="0"] .st-scene-source{margin-top:7px}}
.st-slide{width:min(100%,calc((100dvh - 196px)*16/9),1250px)}.st-slide[data-format=portrait] .st-scene-money{display:none}.st-slide[data-format=portrait] .st-flow-ledger{display:flex;flex-direction:column;gap:10px;border:0;margin:8px 0 16px;padding:0}.st-slide[data-format=portrait] .st-flow-ledger>span{position:relative;width:100%;display:grid;grid-template-columns:1fr auto;align-items:center;font-size:clamp(10px,3.5cqw,15px);gap:12px;padding:8px 0 17px;min-height:48px}.st-slide[data-format=portrait] .st-flow-ledger>span:after{content:'';position:absolute;bottom:0;height:4px;width:var(--flow-size);background:var(--flow-color);border-radius:2px}.st-slide[data-format=portrait] .st-flow-ledger strong{font-size:clamp(21px,8cqw,34px);margin:0;letter-spacing:-.8px}.st-slide[data-format=portrait] .st-flow-ledger>span:first-child{margin-bottom:8px}.st-slide[data-format=portrait] .st-flow-ledger>span:first-child strong{font-size:clamp(29px,10cqw,42px)}

/* Ownership scene: share count, dilution and the cash cost of repurchases. */
.st-scene-ownership{display:grid;grid-template-columns:1fr auto 1fr;align-items:center;gap:35px;margin:6px 0 15px}.st-scene-share-count>span{font-size:10px;letter-spacing:1px;text-transform:uppercase;color:#64748b}.st-scene-share-count>strong{display:block;font-size:clamp(28px,5.2cqw,64px);font-weight:500;letter-spacing:-2px;line-height:1.1;margin-top:8px}.st-scene-share-arrow{font-size:38px;color:#94a3b8;padding-top:18px}.st-scene-share-bridge{display:flex;justify-content:space-between;gap:18px;background:#e2e8f0;padding:13px 20px;color:#475569;font-size:clamp(11px,1.45cqw,18px)}.st-scene-share-metrics{display:grid;grid-template-columns:1fr 1fr;gap:35px;margin:19px 0 14px}.st-scene-share-metrics>div{display:flex;flex-direction:column;gap:5px}.st-scene-share-metrics strong{font-size:clamp(24px,3.5cqw,42px);font-weight:500;letter-spacing:-1px;line-height:1.1;color:#4f46e5}.st-scene-share-metrics span{font-size:10px;color:#64748b}.st-scene-share-comparison{font-size:clamp(10px,1.3cqw,15px);line-height:1.5;color:#475569;margin:0 0 6px}.st-slide[data-scene-kind=ownership] .st-scene-source{font-size:clamp(7px,.85cqw,10px)}
.st-slide[data-format=portrait] .st-scene-ownership{gap:14px;margin:0 0 14px}.st-slide[data-format=portrait] .st-scene-share-count>span{font-size:clamp(7px,2.8cqw,11px);letter-spacing:.3px}.st-slide[data-format=portrait] .st-scene-share-count>strong{font-size:clamp(21px,8.4cqw,36px);letter-spacing:-1px;margin-top:7px}.st-slide[data-format=portrait] .st-scene-share-arrow{font-size:24px;padding-top:12px}.st-slide[data-format=portrait] .st-scene-share-bridge{flex-direction:column;gap:7px;padding:12px 14px;font-size:clamp(10px,3.6cqw,15px)}.st-slide[data-format=portrait] .st-scene-share-metrics{gap:15px;margin:18px 0}.st-slide[data-format=portrait] .st-scene-share-metrics strong{font-size:clamp(23px,8.8cqw,38px)}.st-slide[data-format=portrait] .st-scene-share-metrics span{font-size:clamp(7px,2.8cqw,11px);line-height:1.45}.st-slide[data-format=portrait] .st-scene-share-comparison{font-size:clamp(9px,3.5cqw,14px);line-height:1.55;margin-bottom:9px}.st-slide[data-format=portrait][data-scene-kind=ownership] .st-scene-source{font-size:clamp(7px,2.6cqw,10px);line-height:1.5}
@media(max-width:540px){.st-slide[data-format=landscape] .st-scene-ownership{gap:15px;margin:0 0 6px}.st-slide[data-format=landscape] .st-scene-share-count>span{font-size:4px;letter-spacing:.3px}.st-slide[data-format=landscape] .st-scene-share-count>strong{font-size:5.8cqw;letter-spacing:-.5px;margin-top:4px}.st-slide[data-format=landscape] .st-scene-share-arrow{font-size:15px;padding-top:5px}.st-slide[data-format=landscape] .st-scene-share-bridge{font-size:1.65cqw;padding:5px 8px;gap:6px}.st-slide[data-format=landscape] .st-scene-share-metrics{gap:14px;margin:6px 0}.st-slide[data-format=landscape] .st-scene-share-metrics>div{gap:2px}.st-slide[data-format=landscape] .st-scene-share-metrics strong{font-size:3.8cqw;letter-spacing:-.5px}.st-slide[data-format=landscape] .st-scene-share-metrics span{font-size:4px}.st-slide[data-format=landscape] .st-scene-share-comparison{font-size:1.6cqw;margin-bottom:2px;line-height:1.4}.st-slide[data-format=landscape][data-scene-kind=ownership] .st-scene-source{font-size:1.2cqw;line-height:1.4;margin-top:2px}}

/* The evidence stays in the story; source material is a quiet footer. */
.st-watch-section{display:grid;grid-template-columns:1fr 1.6fr;gap:80px}.st-watch-section .st-watch-list{margin-top:0}.st-research-footer{margin:30px 0 5px;padding:24px 0 0;border-top:1px solid var(--st-line,#e2e8f0)}.st-research-footer-links{display:flex;align-items:baseline;justify-content:space-between;gap:24px}.st-research-footer-links>span{font-size:9px;letter-spacing:1.1px;font-weight:600;color:#64748b;white-space:nowrap}.st-research-footer nav{display:flex;gap:12px 23px;flex-wrap:wrap;justify-content:flex-end}.st-research-footer nav a{font-size:11px;color:#475569;text-decoration:none;line-height:1.7}.st-research-footer nav a:hover{text-decoration:underline;text-underline-offset:4px}.st-research-footer-meta{display:flex;gap:25px;align-items:baseline;justify-content:space-between;margin-top:16px}.st-research-footer-meta>p{font-size:10px;color:#64748b;line-height:1.7;margin:0}.st-research-footer-meta>p>span{padding:0 6px}.st-research-footer .st-notes{margin:0;border:0;padding:0;max-width:560px}.st-research-footer .st-notes summary{font-size:10px;color:#64748b;white-space:nowrap;cursor:pointer}.st-research-footer .st-notes p{font-size:11px}.st-research-footer .st-notes[open]{flex:1;min-width:45%}@media(max-width:800px){.st-watch-section{gap:35px;grid-template-columns:1fr 1.5fr}.st-research-footer-links,.st-research-footer-meta{align-items:flex-start;flex-direction:column;gap:12px}.st-research-footer nav{justify-content:flex-start;gap:9px 20px}.st-research-footer .st-notes{max-width:100%}.st-research-footer .st-notes[open]{min-width:0}}@media(max-width:600px){.st-watch-section{grid-template-columns:1fr;gap:20px}}

.st-latest-notes{display:grid;grid-template-columns:1fr 2fr;gap:60px;padding:33px 0 39px;border-top:1px solid #e2e8f0;border-bottom:1px solid #e2e8f0;margin:0 0 65px}.st-latest-notes h2{font-size:30px;font-weight:500;line-height:1.14;letter-spacing:-1px;margin:0}.st-latest-note{display:block;color:inherit;text-decoration:none;padding:2px 0 5px}.st-latest-note+.st-latest-note{border-top:1px solid #e2e8f0;padding-top:24px;margin-top:24px}.st-latest-note-meta{display:flex;gap:18px;justify-content:space-between;font-size:10px;color:#64748b;line-height:1.7}.st-latest-note-meta>span{letter-spacing:.5px}.st-latest-note h3{font-size:23px;letter-spacing:-.7px;font-weight:500;line-height:1.3;margin:12px 0}.st-latest-note h3>span{float:right;color:#64748b;font-size:20px}.st-latest-note p{font-size:12px;line-height:1.8;max-width:650px;color:#64748b;margin:0}.st-latest-note:hover h3{color:#475569}.st-card-note-link{color:#475569;text-decoration:none;font-weight:500}.st-card-note-link:hover{text-decoration:underline}.st-story-nav .st-note-nav{color:#475569;font-weight:600}.st-story-nav:has(.st-note-nav){gap:22px}@media(max-width:600px){.st-latest-notes{grid-template-columns:1fr;gap:23px;margin-bottom:43px;padding:27px 0}.st-latest-notes h2 br{display:none}.st-latest-notes h2{font-size:27px}.st-latest-note h3{font-size:22px}.st-latest-note-meta{font-size:9px;gap:12px}.st-story-nav:has(.st-note-nav){gap:19px}}

/* Publication dates belong to the research, independently of the model's age. */
.st-research-updated time{color:var(--st-ink);font-weight:500;white-space:nowrap}.st-story-model-date{margin:10px 0 0;font-size:10px;line-height:1.6;color:var(--st-muted)}.st-card-footer{flex-wrap:wrap;row-gap:12px}.st-card-footer>.st-card-updated{flex-basis:100%;display:block;font-size:10px;line-height:1.6;color:var(--st-muted)}.st-card-updated time{white-space:nowrap}.st-feature-foot{flex-wrap:wrap;gap:12px}.st-feature-updated{flex-basis:100%;line-height:1.6}.st-feature-updated time{white-space:nowrap}@media(max-width:600px){.st-story-byline>.st-research-updated{flex-basis:100%}}